Despite strong trading volumes, commissions paid to brokers by institutional investors remained relatively flat, thanks largely to increased use of online trading, Greenwich Associates reports. For the 12 months ended in February, such commissions stood at around $10.8 billion, basically the same as the year before, as the U.S. equity trading commission bill for the average institution fell from $27.3 million to $25.6 million. “Institutions are executing a growing share of their U.S. equity trades through electronic systems that cost slightly more than half as much as traditional “high touch” trades involving a broker sales trader,” says Greenwich consultant John Colon, adding that at the same time the institutions that have the heaviest trading volumes have been pressing the New York Stock Exchange and Nasdaq to lower their rates. According to Greenwich, the average institution cut its proportion of U.S. equity trades with broker sales traders from 71% in 2005 to less than 67% this year.